Common shares, preferred shares and other equity instruments (Tables)

12 Months Ended

Oct. 31, 2025

Text Block [Abstract]

Schedule of Common Shares

An unlimited number of common shares without nominal or par value.

Issued and fully paid:

	2025						2024
As at October 31 ($ millions)	Number of shares			Amount			Number of shares			Amount
Outstanding at beginning of year		1,244,435,686		$	22,054			1,214,044,420		$	20,109
Issued in relation to share-based payments, net (Note 25)		2,709,942			210			497,930			37
Issued in relation to the Shareholder Dividend and Share Purchase Plan(1)		–			–			29,893,336			1,908
Repurchased for cancellation under the Normal Course Issuer Bid		(10,839,890	)		(197	)		–			–
Outstanding at end of year		1,236,305,738	(2)	$	22,067			1,244,435,686	(2)	$	22,054

(1) Effective November 1, 2024, and until such time as the Bank elects otherwise, the Bank has suspended the discount to the Average Market Price (as defined in the Plan) for dividend reinvestments and stock dividends under the Plan and has discontinued issuances of common shares from treasury under the Plan. Additionally, effective November 1, 2024, and until such time as the Bank elects otherwise, purchases of common shares under the Plan will be made in the secondary market in accordance with the provisions of the Plan.

(2) In the normal course of business, the Bank’s regulated Dealer subsidiary purchases and sells the Bank’s common shares to facilitate trading/institutional client activity. During fiscal 2025, the number of such shares bought was 30,855,084 and sold was 30,855,333 (2024 – 26,564,849 bought and 26,566,901 sold).

Schedule of Other equity instruments

Other equity instruments are comprised of NVCC additional Tier 1 qualifying regulatory capital notes:

															2025				2024
First issue date/ Series number	Notional Amount (millions)		Next reset date		Interest rate			Interest rate after reset			Next redemption date		Redemption frequency after reset(1)		Amount (millions)		Distributions paid per Note(2)		Amount (millions)		Distributions paid per Note(2)
Subordinated Additional Tier 1 Capital Notes(3)(4)
October 12, 2017(5)	U.S.$	1,250		January 12, 2026		6.821	%		SOFR +2.90961	(5)  %		January 12, 2026		Quarterly	$	1,560	U.S.$	73.88	$	1,560	U.S.$	83.86
June 4, 2020(6)		–				4.900	%								$	–	U.S.$	36.75	$	1,689	U.S.$	49.00
Limited Recourse Capital Notes(3)(7)
Series 1(8)	$	1,250		July 27, 2026		3.700	%		GOC +2.761	(9)  %		June 27, 2026		Every five years	$	1,250	$	37.00	$	1,250	$	37.00
Series 2(10)	U.S.$	600		October 27, 2026		3.625	%		UST +2.613	(11)  %		October 27, 2026		Quarterly	$	753	U.S.$	36.25	$	753	U.S.$	36.25
Series 3(12)	$	1,500		July 27, 2027		7.023	%		GOC +3.950	(9)  %		June 27, 2027		Every five years	$	1,500	$	70.23	$	1,500	$	70.23
Series 4(13)	U.S.$	750		October 27, 2027		8.625	%		UST +4.389	(11)  %		October 27, 2027		Quarterly	$	1,023	U.S.$	86.25	$	1,023	U.S.$	86.25
Series 5(14)	U.S.$	750		January 27, 2029		8.000	%		UST +4.017	(11)  %		January 27, 2029		Quarterly	$	1,004	U.S.$	80.00	$	1,004	U.S.$	63.33
Series 6(15)	U.S.$	1,000		April 27, 2030		7.350	%		UST +2.903	(11)  %		April 27, 2030		Quarterly	$	1,453	U.S.$	54.51	$	–	$	–
Series 7(16)	U.S.$	1,000		October 27, 2035		6.875	%		UST +2.734	(11)  %		October 27, 2035		Quarterly	$	1,396	U.S.$	–	$	–	$	–
Total other equity instruments															$	9,939			$	8,779

(1) Each security is redeemable at the sole discretion of the Bank on the first reset date and every quarter or five years, as applicable, thereafter. Limited Recourse Capital Notes (LRCN) Series 1 and Series 3 are also redeemable in the one month period preceding each reset date. The securities are also redeemable following a regulatory or tax event, as described in the offering documents. All redemptions are subject to regulatory consent and occur at a redemption price of par plus accrued and unpaid interest (unless canceled, where applicable).

(2) Distributions paid from November 1 to October 31 in the relevant fiscal year per face amount of $1,000 or U.S.$1,000, as applicable.

(3) The securities rank pari passu to each other and are the Bank’s direct unsecured obligations, ranking subordinate to Bank’s other subordinated indebtedness.

(4) While interest is payable on the securities when it becomes due, the Bank may, at its sole discretion and with notice, cancel interest payments. Refer to Note 23(c) – Restriction on payment of dividends and retirement of shares.

(5) CME 3-month Term SOFR.

(6) On June 4, 2025, the Bank redeemed US $1,250 million 4.900% Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes at 100% of their principal amount plus accrued and unpaid interest. The redemption of these AT1 Notes resulted in a foreign currency loss of $22 million recorded in Retained Earnings.

(7) Interest on LRCN is non-deferrable, however, non-payment of interest that is not cured within five business days results in a Recourse Event. A Recourse Event of the respective Series occurs if (a) there is non-payment in cash by the Bank of the principal amount, together with any accrued and unpaid interest, on the maturity date, (b) there is non-payment in cash of interest which is not cured within 5 business days, (c) there is non-payment in cash of the redemption price in connection with the redemption of the LRCNs, (d) an event of default occurs (i.e. bankruptcy, insolvency, or liquidation of the Bank), or (e) there is an NVCC Trigger Event. Upon the occurrence of a Recourse Event, the noteholder’s sole recourse will be limited to their proportionate share of the Series’ respective assets held in Scotiabank LRCN Trust, a consolidated entity, which consist initially of the respective AT1 Notes or, following an NVCC Trigger Event, common shares. Refer to Note 23(c) – Restriction on payment of dividends and retirement of shares.

(8) On June 15, 2021, the Bank issued $1,250 million 3.70% Fixed Rate Resetting Limited Recourse Capital Notes Series 1 (NVCC) (“LRCN Series 1”). In connection with the issuance of LRCN Series 1, the Bank issued $1,250 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 1 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(9) The then-prevailing five-year Government of Canada yield.

(10) On October 7, 2021, the Bank issued U.S.$600 million 3.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 2 (NVCC) (“LRCN Series 2”). In connection with the issuance of LRCN Series 2, the Bank issued U.S.$600 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 2 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(11) The then-prevailing five-year U.S. Treasury Rate.

(12) On June 16, 2022, the Bank issued $1,500 million 7.023% Fixed Rate Resetting Limited Recourse Capital Notes Series 3 (NVCC) (“LRCN Series 3”). In connection with the issuance of LRCN Series 3, the Bank issued $1,500 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 3 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(13) On October 25, 2022, the Bank issued U.S.$750 million 8.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 4 (NVCC) (“LRCN Series 4”). In connection with the issuance of LRCN Series 4, the Bank issued U.S.$750 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 4 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(14) On January 12, 2024, the Bank issued U.S.$750 million 8.000% Fixed Rate Resetting Limited Recourse Capital Notes Series 5 (NVCC) (“LRCN Series 5”). In connection with the issuance of LRCN Series 5, the Bank issued U.S.$750 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 5 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(15) On January 31, 2025, the Bank issued USD$1,000 million of 7.350% Fixed Rate Resetting Limited Recourse Capital Notes Series 6 (NVCC) (“LRCN Series 6”). In connection with the issuance of LRCN Series 6, the Bank issued U.S.$1,000 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 6 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.

(16) On September 29, 2025, the Bank issued USD$1,000 million of 6.875% Fixed Rate Resetting Limited Recourse Capital Notes Series 7 (NVCC) (“LRCN Series 7”). In connection with the issuance of LRCN Series 7, the Bank issued U.S.$1,000 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 7 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.